Iran Places First Official Import Order With Cryptocurrency Worth $10 Million
Iran has placed its first official import order using cryptocurrency worth $10 million, according to a government official. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added. Iran Uses Crypto to Place Import Order
Iran placed its first official import order for $10 million worth of goods in cryptocurrency this week. Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), announced via Twitter Tuesday (translated by Google): This week, the first official import order was successfully placed with cryptocurrency worth 10 million dollars.
“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” his tweet further reads. Alireza Peymanpak’s tweet about the import order placed using crypto. Source: Twitter
Iran has been contemplating allowing the use of cryptocurrencies to pay for imports for over a year. The Central Bank of Iran (CBI) announcedin August last year that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports.
The Iranian government approved cryptocurrency mining as an industry in 2019. In January 2020, the Ministry of Industry, Mine, and Trade issued over 1,000 licenses for cryptocurrency mining operations.
However, Iranian authorities said that some unauthorized miners are using household electricity for cryptocurrency mining, resulting in major issues for the country’s electricity industry. Licensed crypto miners were ordered to halt operations to prevent blackouts several times. In September last year, the authorities reportedly confiscated over 220,000 mining machines and shut down nearly 6,000 illegal crypto mining farms across the country.
In April this year, an official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s administration will approve new rules to increase penalties for unauthorized cryptocurrency mining. Tags in this story Iran, iran crypto, iran cryptocurrencies, iran cryptocurrency, iran import orders, iran imports, iran imports crypto, iran imports cryptocurrency, iran pay with crypto
What do you think about Iran using crypto to place import orders? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets REGULATION | 5 hours ago Brazilian Congress Fails to Vote on Cryptocurrency Bill, Next Discussion Scheduled for September REGULATION | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCleanspark Acquires Plug-in-Ready Bitcoin Mining Facility With up to 86 MW of Capacity Next articleThailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher